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VA loan or mortgage |
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VA loan or mortgage A home loan guaranteed by the Department of Veterans Affairs (www.homeloans.va.gov/elig2.htm) (known as the Veterans Administration before 1989), which will pay the lender up to certain limits if the borrower defaults.In some instances, the VA will decide to purchase the home from the lender after default and attempt resale,calculating that the profits from a resale will make the transaction cheaper than paying off the loan. By law, it is required to do this analysis on all defaulted loans.Eligibility for a VA guarantee is complicated and depends on the borrower's dates, length, and type of service; whether the borrower is currently active in the military; whether the borrower is in the National Guard or the Reserves; and the number of months the borrower was in peacetime or combat service. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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Traditional FHA and VA loans are still available, but lenders offer a wide variety of other options for first-time and returning borrowers. The US Department of Veterans Affairs has set up a VA loan program to meet the financing needs of the veterans so that they find it easier to access the credit (at a lower rate of interest) that they require from the lending institutions within the country. The coverage of a VA loan is also a bit wider in scope, allowing veterans not only to purchase a house, but to use the money for refinancing and altering an existing home. |
VA loan |
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